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Bitcoin Drops Below $50K, Support Between $43K-$45K

Buying activity remains weak, which reduces the chance of a significant price increase into January.

By Damanick Dantes
AccessTimeIconDec 9, 2021 at 6:34 p.m. UTC
Updated May 11, 2023 at 5:15 p.m. UTC
Bitcoin four-hour price chart shows support/resistance levels with RSI in second panel (Damanick Dantes/CoinDesk, TradingView)
Bitcoin four-hour price chart shows support/resistance levels with RSI in second panel (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) continued to struggle below the $50,000 resistance level on Thursday.

The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.

The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.

BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.